According to the latest report by Ernst & Young, 10% of the first-time ICO funds have been lost or hacked. ICO funds have reached $3.7 billion between 2015 and 2017. The company found 372 ICOs hacked and $400 million hacked, suggesting the cryptocurrency market is risky.
Often these hackers are phished by phishing, which states that monthly hackers can steal $1.5 million worth of cryptocurrencies from ICO funds. The company strongly urges that existing cryptocurrencies require more stringent safety standards to combat theft.
Greg Cudahy, head of global technology, media, entertainment and communications at Ernst&Young, said: “Once new standards are in place that are accepted by all participants-allowing for improved transparency, fraud prevention, and legitimacy — the protection of investors and users alike has a greater chance of success.”
Reference: CNET
